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Calculate the direct material price variance

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Reference no: EM133040305

Question - You are given the following information relating to standard and actual cost of product A.

1 unit of A needs 10 boxes of direct materials (standard usage);

Standard price of one box of materials is $15;

100 units of A were produced, and 900 boxes were used (actual usage);

The actual price for materials was $12 each box.

Required -

(1) (a) Calculate the direct material total variance?

(b) Calculate the direct material price variance?

(c) Calculate the direct material usage variance.

(2) Explain the concept of materiality in variance analysis.

Reference no: EM133040305

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